Debt consolidation Plan

[melbourne10]

i suddenly think of a plan to pay debt.lets discuss.

example i own bank a b c and d each own 10k.

lets say i put a 1 k on every bank.a b c and d each got a 1 k inside the credit limit.

example instead of every month i use my salary to pay every bank... i may as well use each bank 1 k own credit to pay itself the minimum sum.... and my monthly salary will be use to concentrate on bank ..a until i manage to kill off bank A 10k debt the i started on bank B....and c and d.

use own bank credit to pay back every month minimum sum to stay alive so as to kill off one bank bad debt first before concentrate on another bank.

what do you guys think of this tactic?

If your accounts are not suspended I rather you take the lump sum to settle one bank, then ask for a balance transfer loan then use that to settle another bank and etc. In essence you are doing your own DCP. But that depends on how much you are able to clear because the best is to request for a loan from an empty card.

If you put 1k in then use it to service the monthly payment, remember that interest stacks up and sooner or later the 1k is gone and the balance has barely changed.

 

[melbourne10]

Did they enquire on your CBR ? I try to get the latest free report but it seems that they did not check on my CBR via the website

I was given a free report based on the declined application on 3/3, which I have already downloaded for my next application.

Right now just want HSBC to say yay or nay then I can move on instead of waiting like a silly person for the phone to ring daily. Plus the CSO has rly gone MIA.

 

[melbourne10]

i suddenly think of a plan to pay debt.lets discuss.

example i own bank a b c and d each own 10k.

lets say i put a 1 k on every bank.a b c and d each got a 1 k inside the credit limit.

example instead of every month i use my salary to pay every bank... i may as well use each bank 1 k own credit to pay itself the minimum sum.... and my monthly salary will be use to concentrate on bank ..a until i manage to kill off bank A 10k debt the i started on bank B....and c and d.

use own bank credit to pay back every month minimum sum to stay alive so as to kill off one bank bad debt first before concentrate on another bank.

what do you guys think of this tactic?

Did you check out the DMP from CCS side? Interest is < 10%. Unless you rly need to hold on to the unsecured facilities, just do the DMP. Restructure the whole thing, then you are a bit more free and can breathe a bit easier. Unless you have loan(s) from moneylender(s) then that one also lecheh.

 

[multi]

What happened to those other CC that got no balance which the DCP did not pay. Cause I have 2 CC with 0 balance, will this 2 cards be suspended or cancel? Understand that the bank will issue you one card with one month pay credit limit.

Sent from LGE LG-H990 using GAGT

 

[melbourne10]

What happened to those other CC that got no balance which the DCP did not pay. Cause I have 2 CC with 0 balance, will this 2 cards be suspended or cancel? Understand that the bank will issue you one card with one month pay credit limit.

Sent from LGE LG-H990 using GAGT

Suspended, cannot use. The DCP bank will upload the status into CBS and when the other banks get the info they will auto suspend.

The banks get the CBS info very quickly. Consumers get it 2 months behind, banks get it every month.

 

[Carlingford]

I was given a free report based on the declined application on 3/3, which I have already downloaded for my next application.

Right now just want HSBC to say yay or nay then I can move on instead of waiting like a silly person for the phone to ring daily. Plus the CSO has rly gone MIA.

After seeing this post of yours, i just went to retrieve my free CBS report base on declined application by SCB. Strange ... within a month my CBS rating changed from GG to DD !!?? Not that it will make any impact on my DCP application lah..

 

[multi]

Suspended, cannot use. The DCP bank will upload the status into CBS and when the other banks get the info they will auto suspend.

The banks get the CBS info very quickly. Consumers get it 2 months behind, banks get it every month.

Wow...Ok noted

Sent from LGE LG-H990 using GAGT

 

[Centralcoast]

was application rejected?

No news yet, still processing and moving as I was advised. I have been trying to get a free cbs report but not available

 

[multi]

After seeing this post of yours, i just went to retrieve my free CBS report base on declined application by SCB. Strange ... within a month my CBS rating changed from GG to DD !!?? Not that it will make any impact on my DCP application lah..

That's good, it will help on your application.

Sent from LGE LG-H990 using GAGT

 

[Carlingford]

That's good, it will help on your application.

Sent from LGE LG-H990 using GAGT

Thanks Bro for your encouragement, but I am still not putting any hope on my DCP application with HSBC to be successful.

 

[melbourne10]

After seeing this post of yours, i just went to retrieve my free CBS report base on declined application by SCB. Strange ... within a month my CBS rating changed from GG to DD !!?? Not that it will make any impact on my DCP application lah..

Did you make any additional payments, cleared any accounts, etc?

Your application was just submitted, HSBC will be able to see the DD rating when they cross check your CBS report with their own systems.

 

[Carlingford]

Did you make any additional payments, cleared any accounts, etc?

Your application was just submitted, HSBC will be able to see the DD rating when they cross check your CBS report with their own systems.

No leh...I just pay off min amount as per usual...but the copy of the CBS report that I submitted to HSBC was GG (i supposed the score was only updated very recently ?). I download the report is for submission to CCS lah...

 

[melbourne10]

No leh...I just pay off min amount as per usual...but the copy of the CBS report that I submitted to HSBC was GG (i supposed the score was only updated very recently ?). I download the report is for submission to CCS lah...

Interesting. I wonder why also. Maybe I should check mine again. Cuz the refresh date is supposedly March 15, I retrieved mine before that date and it was still FF.

 

[melbourne10]

I noticed that banks are starting to "review" my accounts, possibly in preparation for the 18x limit.

6. Enquiry Activity
This refers to the number of new application enquiries found in your credit report.
Each time a potential bank/financial institution pulls your credit report in response to a new loan application, an enquiry is placed on your file. Having too many enquiries in your credit report indicate to lenders that you are trying to take on more debt, therefore increasing your credit exposure.
To keep your enquiries to a minimum, try to limit the number of loan facilities and credit cards which you apply for.
Review enquiries on existing loan facilities do not affect your score.

 

[Centralcoast]

I noticed that banks are starting to "review" my accounts, possibly in preparation for the 18x limit.

6. Enquiry Activity
This refers to the number of new application enquiries found in your credit report.
Each time a potential bank/financial institution pulls your credit report in response to a new loan application, an enquiry is placed on your file. Having too many enquiries in your credit report indicate to lenders that you are trying to take on more debt, therefore increasing your credit exposure.
To keep your enquiries to a minimum, try to limit the number of loan facilities and credit cards which you apply for.
Review enquiries on existing loan facilities do not affect your score.

Did you try calling up the tele sales agent who submitted your review?

 

[melbourne10]

Did you try calling up the tele sales agent who submitted your review?

Called main line, they took down a message for her to call me back.

I call her direct line daily. No answer. Call main line, they say she's not around.

I really wonder where she MIA to.

 

[Centralcoast]

Called main line, they took down a message for her to call me back.

I call her direct line daily. No answer. Call main line, they say she's not around.

I really wonder where she MIA to.

But I think HSBC takes the longest time to process applications

 

[melbourne10]

But I think HSBC takes the longest time to process applications

Yeah I'm in contact with another bank, even their CSO told me HSBC is darn slow, cuz a lot applied. Their EIR rate is the lowest and hence most attractive. Especially for those given access to the Feb promo EIR rate.

 

[melbourne10]

Interesting. I wonder why also. Maybe I should check mine again. Cuz the refresh date is supposedly March 15, I retrieved mine before that date and it was still FF.

Ok just signed onto CBS site and I'm not offered a free report so I guess my HSBC application has not been declined... Yet? :/ zzz

 

[Carlingford]

Ok just signed onto CBS site and I'm not offered a free report so I guess my HSBC application has not been declined... Yet? :/ zzz

Same here....last view was ironically by HSBC who viewed me on 7th March 2017 (Credit Card). My submission for DCP was on 10th March 2017.